+1 to the above. I have been doing this nearly 40 years (45 if you include High school shop class). I've made some big mistakes in purchases, but I was earning enough that they were,'t devastating. It takes a lot of time (sweat equity) knowledge (experience) and a little luck to get a really good used lathe.
For instance, a previous purchase will be excellent, once I put another 100 hours into it. I am going to sell my last 'purchased new' machine, and then all my mills and lathes will be used.
On the bright side: with very few exceptions, the larger, older, more worn out machines will often pull a better chip and be more accurate than the newly purchased micro/mini lathes. They give better surface finish with less problems, and they can use a cutoff blade without chatter. But I'm biased towards bigger, heavier machines. Some people just don't have the room.